Dizhe Medicine: Revenue is expected to increase by 122.6% to 801 million yuan by 2025, with a competitive pipeline including 7 products already established.

Recently, Zai Lab (迪哲医药) released its 2025 annual report. In 2025, the company’s operating revenue was 801 million yuan, a year-over-year increase of 122.6%. The net profit attributable to shareholders went from a loss of 846 million yuan in the same period last year to a loss of 764 million yuan, with the loss amount decreasing. The non-GAAP net profit attributable to shareholders went from a loss of 899 million yuan in the same period last year to a loss of 842 million yuan, with the loss amount decreasing. Net cash flow from operating activities was -588 million yuan, up 9.6% year over year. EPS (fully diluted) was -1.6567 yuan.

Of these, in the fourth quarter, the company’s operating revenue was 215 million yuan, a year-over-year increase of 901.6%. The net profit attributable to shareholders went from a loss of 287 million yuan in the same period last year to a loss of 184 million yuan, with the loss amount decreasing. The non-GAAP net profit attributable to shareholders went from a loss of 299 million yuan in the same period last year to a loss of 211 million yuan, with the loss amount decreasing. EPS was -0.3992 yuan.

By the end of the fourth quarter, the company’s total assets were 3B yuan, up 74.7% from the end of the prior year. Net assets attributable to shareholders were 1.29B yuan, up 567.8% from the end of the prior year.

In its 2025 annual report, the company stated that during the reporting period, its operating business experienced significant changes. The company’s two already-listed drugs, Shuwozhe® and Gaurize®, were first included in the National Reimbursement Drug List, and in July 2025 it received FDA accelerated approval for commercialization, becoming the only targeted therapy in the U.S. and China that has dual approval and is reimbursable for second-line or later EGFR exon 20 ins non-small cell lung cancer. These changes have significantly enhanced the company’s market competitiveness and sales revenue.

In addition, during the reporting period, the company completed a refinancing, providing key support for high-quality development. Although the company has made progress in drug sales, it still needs to continuously advance the expansion of product indications and the development of the subsequent pipeline. By the end of the reporting period, the company had not yet achieved profitability, with accumulated losses that remain unoffset.

(迪哲医药 announcement)

(Editor: Yang Yan, Lin Chen)

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                                                            Healthcare